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Mid-Day Report: European Majors Tumble, Dollar Mixed after Positive DataEuropean majors reversed the gains in thin year end market earlier this week. Weakness in European majors was also seen in yen cross and drags down the USD/JPY too. Meanwhile the sharp fall in EUR/AUD and EUR/CAD also lifted Aussie and Loonie against the greenback. Dollar is mixed after a mildly positive batch of economic data. DOW opens the year lower and is dropping around 100 pts in initial trading. Initial jobless claims dropped 2k to 339k in the week ended December 28. Continuing claims dropped 98k to 2.83m in the week ended December 21. ISM manufacturing index dropped slightly less than expected to 57.0 in December. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.8879; (P) 0.8905; (R1) 0.8944; More... USD/CHF rebounds strongly today and the break of 0.9001 resistance indicates that a short term bottom is formed on bullish convergence condition in 4 hours MACD. More importantly, near term trend in the pair might have already reversed after finally defended 0.8861 long term fibonacci level. Intraday bias is back on the upside and further rise would be seen back to 0.9249 resistance first. Break will confirm this bullish case and bring further rally. On the downside, below 0.8931 minor support will turn bias back to the downside for 0.8799 low instead. |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency slipped through out the day, stops at 1.3715-25, 1.3700 and 1.3655 were triggered, however, fresh demand should emerge around 1.3625-30 and 1.3600-05 (more stops placed below both levels). On the upside, offers are lowered to 1.3690-00 and in good size at 1.3725-30 with stops building up above 1.3750 and 1.3780. sizeable sell orders remain at 1.3795-00, combination of offers and stops is located at 1.3820. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: EUR/USD - Hold short entered at 1.3725As the single currency has fallen again after meeting renewed selling interest around the Kijun-Sen and broke below previous support at 1.3655, adding credence to our view that top has been formed at 1.3894 and mild downside bias remains for correction of recent upmove to another previous support at 1.3625 but only break there would retain bearishness and extend the fall from 1.3894 top for weakness towards 1.3590-00. Trade Idea Update: USD/JPY - Buy at 104.90Although the greenback has risen again after finding renewed buying interest at 104.86 earlier this week and recent upmove may extend further gain to 105.68 (50% projection of 103.77-105.41 measuring from 104.86), loss of upward momentum should prevent sharp move beyond 105.87 (61.8% projection) and reckon 106.00-10 would hold on first testing, price should falter well below 106.40-50 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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